A Literature Review of the Macroeconomic Implications of Entrepreneurship: A Research Perspective of the Future

Abstract

This study reviews the literature on entrepreneurship from several angles, including the entrepreneur's point of view, finding opportunities, creating a business plan, securing finance, and entrepreneurship's effect on economic well-being. The authors stress the importance of entrepreneurs in developing novel products and services, expanding economies, and developing new methods of doing things. Employment, economic growth, and tax revenues are all highlighted as key benefits of entrepreneurship. In addition, the article delves into what factors, such as taxes, the price of real estate, the nature of government oversight, the need for funding, and the difficulty of enforcing contracts, make up an entrepreneurial ecosystem. It indicates that a good regulatory environment and tax cuts encourage entrepreneurship. Furthermore, the report offers predictions for the future of entrepreneurship, including an increase in low-tech, socially-minded businesses that concentrate on solving local problems. It suggests further studies be conducted on the relationships between various forms of entrepreneurship and their respective development prospects. The report also emphasizes the need of future research using a wide range of dependent welfare factors, as well as foreign comparative studies on entrepreneurship utilizing various common metrics. It also stresses the need for more study into the link between entrepreneurship and social and environmental progress in underdeveloped nations. In its last section, the research stresses the significance of learning about the factors that influence entrepreneurs and how those factors affect incentive and support programs for entrepreneurs.